Jardine Cycle & Carriage Limited (SGX:C07) made an offer to acquire remaining 10.00605% stake in Cycle & Carriage Bintang Berhad (KLSE:CCB) for MYR 27.2 million on July 14, 2022. As per the transaction, Jardine Cycle & Carriage Limited already owns 90663953 shares and will acquire the remaining shares of Cycle & Carriage Bintang Berhad at MYR 2.70 per share. As of August 9, 2022, the Offeror has received Valid Acceptances of 1,076,210 Offer Shares, reaching the total shareholding to approximately 91.062% stake. The Offeror intends to continue the existing businesses of the CCB Group and does not have any immediate plans and/or intention to liquidate any companies within the CCB Group. However, the Offeror may review the business and operations of the CCB Group and make such arrangements, rationalizations and reorganizations as the Offeror considers suitable in the best interests of the CCB Group. In addition, the offeror does not have any immediate plans to dismiss or make redundant any of the existing employees of the CCB Group by way of a retrenchment exercise as a direct consequence of the Offer. However, it should be noted that some changes in staff employment and redeployment of staff may take place as a result of the subsequent reviews (if any) by the Offeror of the CCB GroupÆs human resources requirements, employment structure, role of individual employees, rationalization of business activities and/or direction to further improve productivity and efficiency of the operations of the CCB Group. The Offeror does not intend to maintain the listing status of Cycle & Carriage Bintang on the Main Market of Bursa Securities. The offeror will acquire the remaining shares by way of compulsory acquisitions post offer acceptance period. The offer will remain open for acceptances till August 25, 2022.
CIMB Investment Bank Berhad acted as financial advisor to Jardine Cycle & Carriage. Kenanga Investment Bank Berhad (KLSE:KENANGA) acted as Independent Adviser to provide comments, opinions, information and recommendation to the Board of Cycle & Carriage.